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Extremely Biased Capitalism Debate

http://www.ox.ac.uk/oxford_debates/michaelmas_2008_laissezfaire_capitalism/opposers_opening.html

They have a debate about whether "The current financial crisis sounds the death knell for laissez-faire capitalism"

These quotes are from the (supposedly) *pro* capitalist person. She begins:
It is too early to sound the death knell for laissez-faire economics. Although tarnished, the capitalist system still ...
then, after saying capitalism is tarnished and may die later, she says
government and institutions are acknowledged even in the fundamental precepts of a capitalist system ...

With these foundations provided by government, markets develop. ...

Examining real examples, it has always been the case that government has played a large role in even free markets
So her defense of markets is: don't worry, the Government has been involved the whole time.

Her solution to the current crisis is: increase the role of Government in the market:
Regulators did not keep up with the market and allowed bankers to take on too much risk and gamble with our money ...

The banking system should not have been permitted by the government to ...
Then she brings out her very best argument for capitalism:
Finally, perhaps the main reason why laissez-faire capitalism is not dead, or even nearly so, is because there is no viable alternative.
In other words, she thinks capitalism sucks (but no one has a better idea).

Elliot Temple on November 5, 2008

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